Obama and Congress are moving away subsidizing Student Loan providers and making loans directly to students and using the savings for increased Pell grants and other projects.
Lawmakers voted 253-171 in favor of legislation that would cut the banks and Sallie Mae out of a large slice of the $92 billion college student loan business, shifting most lending into a program run by the U.S. Education Department.
The Senate education committee is drafting a bill similar to the House measure...
It represents a victory for students over banks.
"Today the House made a clear choice to stop funneling vital taxpayer dollars through boardrooms and start sending them directly to dorm rooms," said Democratic Representative George Miller, chief sponsor of the measure.
It's a brilliantly simple savings. Much like Single Payer would be. Imagine if we stopped funneling taxpayer/employer dollars through Wall Street boardrooms and started sending them solely and more directly to Doctors and Hospitals.
Imagine a victory of patients over banks. Over Wall Street.
Wall Street Banks and Funds hold the following proportion of shares in corresponding Health Insurance companies:
United 86.03%
WellPoint 89.03%
Aetna 91.80%
CIGNA Corp. 84.91%
Coventry Health 92.87%
Health Net Inc. 100.59% ???
Humana 88.88%
Amerigroup 108.38% (WTF???)
The same people who brought you AIG, TARP and a $24 trillion government backstop for Wall Street are the same people who run your healthcare.